By Brian Massie, A Watchman on the Wall, An Independent Populist
A quick Internet search provided us with the answer to the question: How much did Lakeland Community College pay for the Holden Center? We confirmed the purchase price with a records request submitted to Lakeland’s Treasurer, Mr. David Cummins. We appreciate Mr. Cummins’ promptness and transparency with our public records requests.
https://www.cleveland.com/metro/2014/12/lakeland_community_college.html
Lakeland Community College buys Holden University Center: Higher Education Roundup
- Updated: Dec. 03, 2014, 1:34 p.m.
- |Published: Dec. 03, 2014, 12:34 p.m
By Karen Farkas, cleveland.com
Lakeland Community College has purchased the Holden University Center.
KIRTLAND, Ohio – Lakeland Community College last month bought the Holden University Center, where students can obtain bachelor’s and graduate degrees from several four-year institutions.
The college paid $13.5 million for the 40,000-square-foot building on Ohio 306 and Kirtland Road across from the entrance to Lakeland’s campus.
(LFC added emphasis)
The college had leased the building for $914,760 a year from PF Kirtland LLC since it opened in 2011, said Michael Mayher, senior vice president for administrative services, in an email.
The college had the right to make the first offer if the owner placed the property up for sale. The property was offered to the college this summer and was appraised twice at $13.5 million, the college said.
The college sold 25-year bonds at 3.74 percent. The sale closed Nov. 26.
[End of Cleveland.com article]
LFC decided to continue digging for information about the Holden Center.
From public records requests we discovered:
1. The College purchased the Holden Center om November 2014 for $13.5 million. The building was completed in 2011. Lakeland leased the facility prior to purchasing it in 2014.
2. The College did not pay any principal on the debt the first four years. To date (December 13, 2024) the College has paid $4.0 million in principal and $7.6 million in interest.
3. The lease was a triple net lease, meaning the College had to pay for taxes, operating expenses, and utilities.
4. The College had to pay $16,267.97 in Kirtland Sanitary Sewer assessment annually.
5. The Lake County Auditor’s website had the building and land valued at $5,111,230 from 2012 to 2017, and $5,697,810 from 2018 to 2023.
Here is a timeline of sales and purchase of this very expensive real estate in Kirtland, Ohio: [Source: Lake County Auditor’s website]
- July 31, 2008 Kirtland Country Club sold the property for $630,000 to Kirtland Commons LTD.
- March 23, 2011 Kirtland Commons LTD sold the property for $850,000 to PF Kirtland LLC.
- In 2011, PF Kirtland LLC leased the building to Kirtland Community College for $914,760 per year.
- November 26, 2014 PF Kirtland LLC sold the property [price unknown] to Premier Kirtland LLC.
- The lease between Lakeland Community College and Premier Kirtland, LLC and PF Kirtland, LLC was terminated on November 26, 2014.
- November 26, 2014 Premier Kirtland LLC sold the land and the building for $13,500,000 to Lake County Community College District.
- November, 2024 Lakeland County Community College District sold the building to Signature Health for $8 million, with a down payment of $2 million.
The following record is from the Lake County Auditor’s website detailing the various changes in ownership.
The following record indicates that construction of the Holden Center construction started on June 12, 2011, and was completed on November 25, 2014. We can also see Kevin Callahan was a member of Premier Kirtland, LLC, and the Managing Member for PF Kirtland, LLC, owner of the property.
The following record was obtained from the Lake County Recorder’s website. It is the lease termination agreement dated November 26, 2014 between PF Kirtland, LLC, Premier Kirtland, LLC and Lake Community College District.
We endeavored to find all the members of the various corporations, but were told by Mr. Dan Blake, Customer Service Coordinator, of the Office of the Ohio Secretary of State that “The Ohio Secretary of State’s office does not record ownership for a LLC. We do not have a list of the members to provide for any LLC on our records.”
Did you ever wonder what is Lakeland’s overall appraised value? From the Lake County Auditor’s website we found the answer: $60,528,530… [Currently, they have 4,400 students, and project that they will have 4,800 students in 2027]
How much are the Lake County taxpayers paying annually in property taxes to Lakeland Community College?
| Levy Year | Current Residential Effective Rate | Annual Revenue |
| 2010 | 1.302448 | $9,701,469 |
| 2002 | 1.064303 | $8,092,126 |
| 2015 (Bond Levy) | .3200000 | $2,249,556 |
| Totals | 2.708783 | $20,043,151 |
Currently, they have 4,400 students, and project that they will have 4,800 students in 2027.
What does the State Auditor think of Lakeland’s performance over the years:
Excerpt from the Performance Audit:
“Many key operational decisions regarding faculty, programs, and facilities, date back to the early 2010s during a time of peak enrollment. Since that point in time, the College has seen enrollment decline by nearly 50 percent, but the administration has not made decisions to reflect the changes in operations. Staffing has not been significantly reduced, new facilities have been acquired, and courses are being held with minimal enrollment. Based on projected population trends, it is highly unlikely to see significant increases in enrollment over the next decade. Due to this, the Board of Trustees is at a point in time where key operational decisions should be made to guide the college into the next decade.”
“The College has historically maintained low fund balances, opting to use available funds on direct student services. This policy does not provide a significant cushion to weather times of difficulty, such as incurring unforeseen expenses or sudden declines in revenue. We found that, in recent years, without federal relief funds due to the COVID-19 pandemic, the College would have had an operating deficit and been more reliant on fund balances for general expenditures.”
[End of Performance Audit]
We would like to thank the Lake County Auditor, Chris Galloway, and his staff, Lake County Auditor, Becky Lynch, and Lakeland’s President Dr. Ahuja, Lakeland’s Treasurer, David Cummins, for their transparency and willingness to help us “pull back the curtain” on the Holden Center transactions.
We will let the taxpayers of Lake County draw their own conclusions Lakeland’s prior Administration’s and Board of Directors’ handling of the Holden Center. We are rooting for Dr. Ahuja and Lakeland’s Board to make the necessary changes to make Lakeland financial viable for the future. However, without increased enrollment Lakeland cannot justify the size of the facility. That is why we are suggesting a merger between Lakeland and the Auburn Career Center. Lake County needs more vocational training to meet the increasing demands of our workforce.
Are there any leaders willing to step up and protect the financial interests of the citizens of Lake County? Quite frankly, we are being taxed out of our homes!
Categories: Lake County - General, Lakeland Community College, Uncategorized